The transaction involves a MAD 850 million (approximately USD 90 million) capital increase representing a minority stake acquisition by RMBV and Proparco in the Moroccan agro-industrial group, thereby preserving the founding Essalehi family’s controlling interest. The investment is structured exclusively as a capital increase, with no sale of existing shares.

Africa Feed & Food, founded in 1978, is a leading integrated agro-industrial group with operations in Morocco and a growing presence in West Africa, including Mali, Mauritania, and Senegal. The proceeds from this investment will be deployed to strengthen AFF’s production capacity in Morocco, diversify into high-potential segments of the agri-food value chain, and accelerate the group’s expansion across sub-Saharan Africa.

This deal underscores the confidence of leading institutional investors in Morocco’s agro-industrial sector and its increasing role in enhancing food security across the region. The transaction remains subject to regulatory approvals (including the Moroccan competition council).

The Asafo & Co. team advising on the transaction is being led by partner Patrick Larrivé, supported by senior associate Kamil Zizi and associate Shagufta Ashfaq.